# The Energy Blind Spot Behind Core CPI Right Now

Page: https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/the-energy-blind-spot-behind-core-cpi-right-now
Text version: https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/the-energy-blind-spot-behind-core-cpi-right-now.md
Podcast: [The Federal Reserve Podcast with Fexingo: Interest Rates, FOMC Meetings, and Monetary Policy](https://stenobird.com/podcast/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696)
Published: 2026-06-12T05:30:04+00:00
Episode link: https://audio.fexingo.com/business/the-federal-reserve-podcast/episode-0046.mp3
Audio file: https://audio.fexingo.com/business/the-federal-reserve-podcast/episode-0046.mp3
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JSON: https://stenobird.com/v1/public/podcasts/the-federal-reserve-podcast-with-fexingo-interest-rates-fomc-meetings-and-monetary-policy-7871696/episodes/the-energy-blind-spot-behind-core-cpi-right-now
Duration seconds: 395

## Resource

The May CPI print hit 4.2 percent year-over-year, the highest in three years. But Lucas and Luna look beneath the headline number at what's really worrying the Fed: the gap between 4.2 percent and core CPI at 3.6 percent is almost entirely energy. They trace how the Iran war surcharge is feeding through wholesale prices, why the ECB just hiked for the first time since 2023, and whether the Fed is misreading 'transitory' a second time. Tied to the ten-year breakeven inflation rate slipping to 2.29 percent — markets are betting this spike fades, but the Fed isn't so sure. #CPI #CoreCPI #EnergyPrices #FederalReserve #MonetaryPolicy #Inflation #ECB #IranWar #WholesalePrices #BreakevenInflation #Economics #Podcast #FexingoBusiness #BusinessPodcast #InterestRates #FOMC #LucasAndLuna #MayCPI Keep every episode free: buymeacoffee.com/fexingo

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## Transcript

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